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Nigeria Central Bank's $500 Million Boost Fails to Halt Naira's Dive, Reaches Record Low of N1,348.63/$1
Naira plummeted to a record low of N1,348.63 against the US Dollar on Monday, signaling a 33.87% decline from the previous Friday's closing rate of N891.90. This unprecedented depreciation, witnessed at the official NAFEM market, reflects the severity of the current economic challenges facing... -
Nigeria FG Refutes Political Allegations, Stresses FAAN and CBN Relocation for Efficiency
In a bid to address speculation and dispel concerns of political motives, the Federal Government has clarified that the planned relocation of the headquarters of the Federal Airports Authority of Nigeria (FAAN) and certain departments of the Central Bank of Nigeria (CBN) to Lagos is purely an... -
Nigeria Calls Intensify for Keyamo and CBN Governor's Removal Over Controversial Agency Moves, Northern Youth Lead Charge
In a recent development, the Joint Action Committee of Northern Youth Associations has demanded the removal of the Minister of Aviation, Festus Keyamo, and the Governor of the Central Bank of Nigeria (CBN), Yemi Cadoso. The call for their dismissal is linked to the controversial planned... -
Nigeria Nigeria Braced For Business Collapse As Naira Plummets to Record Low of N1,410/$1
The Nigerian Naira has hit a record low of N1,410 against the US Dollar on the black market, reflecting a 3.29% drop from the previous day's closing rate. The sudden depreciation is attributed to increased demand for dollars, notably from businesses restocking, individuals pursuing overseas... -
Nigeria Former CBN Governor Sanusi Supports CBN's Relocation to Lagos Despite Political Backlash
Former-Central Bank Governor Sanusi Lamido Sanusi has endorsed relocating some CBN departments from Abuja to Lagos. Sanusi called the move sensible for streamlining operations and reducing costs. Despite criticism from some northern politicians, Sanusi dismissed opposition as political games... -
Nigeria President Misguided by 'Lagos Boys' on Relocation of CBN and FAAN -Ndume
Senator Ali Ndume, representing Borno South Senatorial District, has voiced strong opposition to the proposed relocation of certain Central Bank of Nigeria (CBN) departments and the Federal Airports Authority of Nigeria (FAAN) from Abuja to Lagos. Ndume, the Chief Whip of the Senate, alleges... -
Nigeria Senator Ndume Criticizes CBN's Proposed Relocation To Lagos, Anticipates Reversal
Senator Ali Ndume, representing Borno South, has raised objections to the planned relocation of Central Bank of Nigeria (CBN) departments from Abuja to Lagos. Specifically targeting departments such as Banking Supervision, Other Financial Institutions Supervision, Consumer Protection, Payment... -
Nigeria FAAN, CBN Relocation: Nigerians Divided As Arewa Forum Accuses President Tinubu of Stripping the North of Relevance
The Arewa Consultative Forum (ACF) has raised strong objections to President Bola Tinubu's approval for the relocation of the Federal Airport Authority of Nigeria (FAAN) headquarters and certain Central Bank of Nigeria (CBN) departments from Abuja to Lagos. Professor Muhammad Baba, the ACF's... -
Nigeria CBN's Governor Cardoso Set to Lead First MPC Meeting in February
The Central Bank of Nigeria (CBN) has announced that its Monetary Policy Committee (MPC) will convene for its first meeting under the leadership of Governor Olayemi Cardoso on February 26 and 27, 2024. The revelation follows a strategic two-day session to prepare members for the upcoming... -
Nigeria Former CBN Governor Emefiele Faces Upgraded 20-Count Charge in Legal Battle
The Federal Government is set to arraign former Central Bank of Nigeria (CBN) Governor Godwin Emefiele on an amended 20-Count Charge at the High Court of the Federal Capital Territory (FCT), Abuja, this Friday. Channels Television's Judiciary Correspondent, Shola Soyele, reveals details of the... -
Nigeria CBN Appoints New Executives to Lead Union, Keystone, and Polaris Banks After Board Dissolution
In a sweeping move that has sent ripples through Nigeria's financial landscape, the Central Bank of Nigeria (CBN) has announced the appointment of new executives to spearhead the operations of Union Bank, Keystone Bank, and Polaris Bank. This strategic decision comes on the heels of the... -
Nigeria CBN Dissolves Boards of Union, Polaris, Keystone, and Titan Banks Over Regulatory Breaches
The Central Bank of Nigeria (CBN) has taken a bold step by dissolving the boards and management of Union Bank, Polaris Bank, Keystone Bank, and Titan Trust Bank. The unexpected move was communicated through a formal statement uploaded to the CBN's official microblogging account. The CBN's... -
Nigeria Naira Scarcity Deepens Despite CBN Measures, Banking Halls Ration Cash Amidst Growing Economic Concerns
In a worrying development, the scarcity of Naira notes in Nigeria has persisted and intensified, presenting a significant challenge despite the Central Bank's efforts to ease the cash crunch. According to recent investigations by Financial Vanguard, banks across the country are still grappling... -
Nigeria Bloomberg Report: Naira Ranked Third Worst Performing Currency Globally in 2023
w In 2023, Nigeria's naira faced a significant setback, ranking as the world's third-worst performing currency, according to a Bloomberg report. Closing at N1,043 per $1 just days before the year-end, the naira showcased its weakest performance since the return to democracy in 1999. The... -
Nigeria Nigerian Naira Hits All-Time Low, Reaches N1043.09/$1, Signaling Economic Concerns
In a dramatic turn of events, the Nigerian Naira has plummeted to an unprecedented low, exchanging at N1043.09 to the dollar at the official foreign exchange market. This shocking depreciation marks a significant decline from N872.59/$ recorded just a day earlier. According to market experts... -
Nigeria CBN: Nigerian Banks Safe Despite Rumors
In response to recent unverified reports circulating about the stability of Nigerian banks, the Central Bank of Nigeria (CBN) has issued a robust assurance, affirming the security of funds in the country's banking sector. The apex bank, through its acting Director of Corporate Communications... -
Nigeria Naira Faces 1.1% Depreciation, Hits 1,233/$ at Parallel Market Amidst Forex Market Dynamics
The naira experienced a decline, exchanging at 1,233/$ at the parallel market, as reported by Bureau de Change (BDC) operators. Conversations with BDC operators revealed that the local currency, traded at 1,228/$ and 1,233/$, maintained the same rate from Friday. Figures from Abokifx indicated... -
Nigeria Titan Trust Bank debunks alleged illegalities in Union Bank’s acquisition
Titan Trust Bank has debunked media reports alleging illegalities in the acquisition of Union Bank of Nigeria Plc. In a statement by the management of the bank made available to the media on Sunday, the lender insisted that the transaction followed due process and met all regulatory... -
Nigeria Nigeria's Central Bank Reverses Crypto Ban, Calls for Regulations
In a surprising turn of events, the Central Bank of Nigeria (CBN) has reversed its stance on cryptocurrency transactions, urging banks to disregard the earlier ban. A circular dated December 22, 2023, signed by the Director of Financial Policy and Regulation, Haruna Mustafa, revealed the shift... -
Nigeria Central Bank's Ultimatum: Desist from Naira Hoarding or Risk Penalties, Cautions Banks and POS Services
As the cash scarcity stemming from the redesign of three naira notes lingers, Nigerians find themselves grappling with the aftermath of a policy implemented nearly a year ago. In response to the ongoing challenges, the Central Bank of Nigeria (CBN) has sounded the alarm on collusion between...
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